Draft decree governs medium-term and annual public investment plans

State-funded programs and projects and their funding levels would be thoroughly appraised in advance.

This is one of the most significant points of the decree on medium-term and annual public investment plans being circulated by the Ministry of Planning and Investment for public comment.

According to Minister of Planning and Investment Bui Quang Vinh, the draft was designed with a view to improving the control of public investment.

The draft, with 94 articles in six chapters, defines public investment plan as a set of objectives and orientations accompanied by a list of public investment programs and projects with specific funding levels, fund allocation plans, fund raising solutions and implementation methods.

Under the draft, the allocation of medium-term and annual capital for state-funded programs and projects would be based on development objectives and orientations set in approved socio-economic development strategies and plans. No funds would be allocated to programs and projects outside the public investment sector.

Funds would be allocated in the following order of priority: (1) projects which have been completed and put into operation but not yet received sufficient funds; (2) ongoing projects; and (3) new projects.

Besides, it would not be permitted to use state budget funds, proceeds from issuance of government bonds and other central public investment sources to invest in locally run projects.

The Vietnamese version of the draft is available on the Ministry of Planning and Investment’s website at www.mpi.gov.vn.-